Investment demand for gold rose sharply in H1: GFMS

摘要

Investment in gold surged during the first half of 2008, sending the gold price soaring to a record high of $1,011.25/oz in March, before it declined rapidly during the summer as investors liquidated their long positions in the face of global financial turmoil. Investors have remained fickle, getting in and out of the gold market in response to the ups and downs the financial markets have been going through.rn"The turbulent market conditions and intensifying credit crisis in the USA, combined with deepening fears about the weakness of the US dollar, soaring oil prices and the increasing possibility of a recession in the world's largest economy, pushed investors toward safe-haven assets such as gold and other precious metals," Philip Klapwijk, executive chairman of GFMS, said last week while releasing the metals consultancy's latest report: Gold Survey 2008 - Update 1.